Bitcoin experienced another net loss last week, with the top cryptocurrency struggling to regain key technical levels. Meanwhile, recent market assessments suggest that the price movement is volatile but largely stuck between $60,000 and $70,000.
Bitcoin’s $60,000 Shield: Long-Term Holders Refuse to Fold
In a recent QuickTake report, an anonymous analyst using the username GugaOnChain analyzed Bitcoin’s current market structure, explaining the battle between long-term confidence and short-term pressure. According to data from the OnChain platform, Bitcoin remains in a mature bear market, in line with predictions for December 2025.
Analyst GugaOnChain noted that long-term holders are described as the main defender at the $60,000 support level. In particular, the 12-18 month UTXO cohort increased from 9.67% to 11.09%, indicating that more Bitcoin is being aged through long-term storage.
This means that confidence is growing among holders who have accumulated for more than a year and who have not chosen to sell despite market weakness. However, he notes that at the bottom of historic bear markets, we have seen this group reach much higher levels (30-44%), suggesting structural support is building. A clear macro bottom may not yet be identified.
BTC’s next move will depend on the return of US institutions.
Interestingly, the Binary Coin Destroyed Days (CDD) figure is as low as 0.14, reinforcing the idea that older coins remain dormant. Long-term holders are not distributing or panic selling, effectively acting as a liquidity anchor preventing a deeper collapse below $60,000.
On the resistance side near $70,000, active whales holding between 1,000 and 10,000 BTC are identified as the main source of selling pressure. Their distribution directly corresponds to the resilience of long-term holders and limits upward momentum. Meanwhile, the Coinbase Premium Index remains negative (-0.04), indicating weak U.S. institutional demand and a broader macro environment manifesting as risk aversion. Without strong institutional inflows, the market lacks the catalyst needed for a sustained breakout.
Short holders are also experiencing a capitulation, reflected in the MVRV-STH (Market Value to Realized Value – Short Holders) ratio of 0.74. This means that many people are closing their positions at a loss. Overall, this shows that Bitcoin is going through a purification phase. Long-term value is gradually emerging, but sustainable upside will depend on a recovery in U.S. institutional demand and changes in macro conditions.
As of this writing, the BTC price is around $63,823, up 5.75% in the last 24 hours.
Featured image from iStock, chart from Tradingview.com
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